Students studying for their real estate exam must know the two key real estate terms discussed in this video: ASSIGNMENT OF LEASE and SUBLEASING.
Key real estate terms:
(1) Assignment of Lease – Lessee (tenant) transfers all rights and priviledges held under the lease agreement to the new lessee.
(2) Subleasing (sublet) – Lessee retains original lease but rents all or a portion of the premises to a sublessee (subtenant)
(3) Lessor (landlord) – The owner of a rental property that has been leased to another. Holder has leasehold interests in the property.
(4) Lessee (tenant) – The tenant who is party to a lease agreement with the lessor
(5) Assignor – The person who assigns their interest in a contract to another called the assignee
(6) Assignee – The person who is receiving the interest in a contract of another called the assignor
Best of luck with your studies…
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P.S. Nothing in this video shall be construed as legal or financial advice and is for INFORMATIONAL purposes only! Please consult with a competent attorney, financial advisor, and your broker before implementing anything you’ve learned from this video. Likewise, the issues discussed herein may not be applicable in your state or local jurisdiction.
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Paul Vojchehoske
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